Let’s see the 15 min chart of Nifty to understand the current development of if.
As per this chart and wave count it is visible that major wave 1, 2 and 3 has ended. 4 may be ended at 10803 or may in progress because a sub wave of fall from 12031 is not very clear and it may e 3 wave downfall. Which may be wave 4 or A of 4. If it is A of 4, current upward progress should not register high much above 12040 or should not stay there for more time, not more than 15 to 30 mins.
If Nifty stays above 12040 for more than 30mins, it will be clearer that 4 have already been completed and wave 5 is in progress. In that case wave 5 is taking a shape of ED (ending diagonal).
If Nifty do not goes much above 12040 or do not stay there for a longer time and breaks 11944 than it can fall below 11800.
If Nifty stays above 12040 for longer time or make new high above it, we should also see possibilities of ED. In this case expected target of wave 5 will be 12171-12283-12394.
To understand current situation let’s see 5 min Chart of nifty from the current end of wave 4.
This is 5 min chart of Nifty. Here we assume that wave 5 is in progress and ED is forming. For ED the structure will be 3-3-3-3-3. From the low of 10803 we can see abc up and abc down and current progression of abc as up. If it is correct expect current up move to end much above 12040 and in the range of 12077 to 12102. This will also confirm that ED is in progress. This will complete 1, 2 and 3 of ED and 4 to downside will follow.
All in all we are expecting a new high tomorrow above 12035. Speed and time of Nifty on tomorrow morning will make it very clear what is the next move. A person understanding wave analysis can easily catch such opportunities.
Disclaimer:- Idea and views given here are only for educational purpose. It is just to show how Elliott wave analysis can be done in practical example. Do not take any trade only on the basis of idea given here. Consult your financial advisor first before taking any trade. We do not take any responsibility for any trade taken by whatsoever means or purpose.